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Family savings 'dwarfed' by credit card charges

Credit card charges and commitments are dwarfing many family's savings and there has been a rise in the number of people turning to unsecured borrowing.

Such is the opinion of Joanna Parsley, associate director of Credit Action, a national money education charity established in 1994.

She said: "Even though savings levels have increased slightly, the amount an average family has saved is still dwarfed by their credit commitments.

"With a rise in unsecured borrowing, it is vital that families are looking to manage their money well through budgeting and seeking free and independent help where necessary."

Ms Parsley added that a recent report by Aviva showed that the average family now has higher levels of unsecured debt than they did in January.

Her comments follow the latest ING Direct Consumer Savings Monitor, which showed that the savings balance of the average Brit now stands at £1,783, which is £100 less than the same quarter last year.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800554985-ADNFCR



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